The leading cryptocurrency exchange in the Philippines with a user base of 18 million, Coins.ph has announced the launch of its fully backed Philippine Peso stablecoin, PHPC, on the Solana blockchain. The announcement was made at Solana’s Breakpoint 2024 conference, highlighting a significant expansion for the stablecoin and its potential to revolutionize financial transactions for Filipinos and the global community.
The integration of PHPC on Solana aims to enhance its utility across various financial services, including cross-border remittances, decentralized finance (DeFi), and on-chain foreign exchange (FX) trading. This move will also increase the range of stablecoins supported natively on the Solana blockchain, providing users with a secure and innovative option for transacting in Philippine Pesos.
With the new integration, Coins.ph is set to list PHPC on its recently launched global exchange, Coins.xyz, and other international platforms. This initiative is expected to boost liquidity for PHPC, enabling users from different markets to utilize the stablecoin for a variety of financial activities. According to Wei Zhou, CEO of Coins.ph and Coins.xyz, “We’re excited to bring PHPC to Solana, a blockchain that ranks among the top in transaction volume globally and has a vibrant and growing community in the Philippines.”
The Solana launch is part of Coins.ph’s broader strategy to make PHPC available across multiple blockchains. By the next quarter, PHPC will be accessible on three major blockchains: Solana, Ronin, and Polygon. The integration with Solana, known for its high transaction speed and low costs, is expected to provide users with more efficient options for cross-border transactions, a crucial feature for the Philippines, which is the world’s fourth-largest remittance market.
In 2023, remittances to the Philippines reached US$33.5 billion, yet traditional channels continue to be plagued by high fees and inefficiencies. By leveraging the speed and cost-effectiveness of the Solana blockchain, PHPC aims to offer a viable alternative for millions of Filipinos working abroad to send money back home with reduced costs and improved transaction times.
Beyond remittances, the inclusion of PHPC on Solana opens up new possibilities for on-chain FX trading. Traders and financial institutions will now have access to diverse FX pairs, including USDC/PHPC, USDT/PHPC, and EURC/PHPC, allowing them to engage with the Philippine Peso in an innovative, blockchain-based environment. This development comes at a time when the Philippine economy is showing robust growth, with a 6.3% year-on-year increase in Q2 2024.
As the demand for blockchain-based financial solutions continues to grow, the integration of PHPC on Solana is set to play a pivotal role in driving innovation and financial inclusion in the Philippines and beyond. With the stablecoin’s enhanced accessibility, Filipinos and global users alike will be better equipped to participate in the digital economy, unlocking new opportunities for financial growth and stability.